Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Bitcoin ‘Ripe for Short Squeeze’: Recent liquidity movements and rising open interest suggest that Bitcoin is primed for a potential short squeeze, potentially driving prices higher if key resistance levels around $64,000 to $66,000 are flipped.

2. Coolio Resurrected in Metaverse: To celebrate the 30th anniversary of his hit "Gangsta's Paradise," late rapper Coolio is being resurrected in the metaverse through a collaboration with NetVRk.

3.  📈Technical Analysis Masterclass - In trading, timing is crucial. Watch UseTheBitcoin’s latest Youtube video ”When is the best time to trade Crypto?” to know how different sessions can impact your trading success or join our Official Telegram Channel for more alpha!

4. Bitcoin Fees Skyrocket: Bitcoin transaction fees surged to $132 as users rushed to participate in Babylon Labs' new BTC staking platform.

5. Feature of the Day - Donald Trump Endorses 'The DeFiant Ones': Former U.S. President Donald Trump has endorsed "The DeFiant Ones," a new DeFi project promoted by his sons, Donald Trump Jr. and Eric Trump.

    
   All this and more in today’s headlines!

📰 News Highlights:

Bitcoin ‘Ripe for Short Squeeze’ [Source][Source]

Bitcoin's price action is heating up as bulls and market conditions hint at a potential short squeeze, with the $62,000 level emerging as a key resistance point.

On August 22, Bitcoin (BTC) experienced significant liquidity movements, both upwards and downwards, as U.S. employment data and Federal Reserve minutes sparked a brief rally. However, this rally was short-lived, with BTC retreating to $59,500, liquidating late long positions before rebounding to $61,000.

Popular trader Crypto Feras pointed out that BTC/USD has retested this area five times in the past two weeks, noting that repeated tests weaken resistance, making a flip to $64.8K - $65K more likely.

As open interest rises and funding rates remain low, analysts like Vetle Lunde from K33 Research suggest that conditions are ripe for a short squeeze.

Coolio Resurrected in Metaverse [Source][Source]

Coolio's iconic track "Gangsta's Paradise" is set to celebrate its 30th anniversary in a unique way as the late rapper's legacy is resurrected in the metaverse.

NetVRk, a metaverse project, has announced an immersive digital experience featuring a hyper-intelligent AI version of Coolio, allowing fans to interact with the rapper in a digital mansion inspired by his vision.

The project merges old-school nostalgia with cutting-edge Web3 technology, offering fans a new way to connect with Coolio’s personality, voice, and insights.

 📈Technical Analysis Masterclass:

When is the Best Time to Trade Crypto?

My XRP Trade and the Asian Session

• Shorting XRP: I recently shorted XRP, expecting a decline, but ended up losing money when I was stopped out.

• Key Insight: The loss was confusing since fundamentals and technicals suggested a drop. The answer? I traded during the Asian session.

• Asian Session Challenges:

  • Lower Liquidity: The Asian session (11 PM to 8 AM GMT) typically has less market participation, leading to unpredictable price movements and wider spreads.

  • Subdued Market Behavior: Fewer significant economic releases lead to choppy and unclear trends, making it hard to find reliable signals.

  • Geographical Influence: Market dynamics during this session are often influenced by regional factors that may not align with global trends.

Why London and New York Sessions Offer Better Trading Conditions

• Increased Liquidity: The London (8 AM to 4 PM GMT) and New York (1 PM to 10 PM GMT) sessions have higher trading volumes, resulting in tighter spreads and more consistent price movements.

• Market Overlap: The overlap between the London and New York sessions creates a period of high activity, with increased volatility and clearer trends.

• Rich Economic Data: These sessions are filled with economic releases and market-moving news, providing traders with better information to make informed decisions.

My Successful Bitcoin Trade During the New York Session

• Strategic Trade: After the XRP experience, I traded Bitcoin during the New York session, benefiting from higher liquidity and volatility.

• Outcome: The trade went smoothly, reinforcing the importance of timing and session choice in trading success.

Bitcoin Fees Skyrocket [Source][Source][Source]

Bitcoin transaction fees surged to as much as $132 on Thursday morning as users rushed to participate in Babylon Labs' newly launched native BTC staking platform. Babylon, which unlocked native staking capabilities for Bitcoin, saw a massive influx of users eager to stake their coins via self-custodial staking.

Within just 90 minutes of Babylon’s announcement, the median cost per Bitcoin transaction skyrocketed from $0.26 to $132, causing a fee bidding war among users trying to secure their staking transactions.

Babylon’s protocol allows users to stake Bitcoin directly on any proof-of-stake (POS) system while maintaining total control, without needing third-party addresses or oracles.

This triggered a flood of inflows, quickly reaching the platform's maximum staking total value locked (TVL) of 1,000 BTC, worth approximately $60.7 million.

💡 Feature of the Day: 

Donald Trump Endorses 'The DeFiant Ones' [Source][Source]

Former U.S. President Donald Trump has endorsed "The DeFiant Ones," a new DeFi-related crypto project promoted by his sons, Donald Trump Jr. and Eric Trump. Announced via a post on Truth Social,

Trump called for Americans to stand up against big banks and financial elites, linking to the project's official Telegram channel, which has already garnered nearly 26,000 subscribers since its creation on August 7.

The DeFiant Ones project, featuring the tagline "Official Trump DeFi Channel," is positioned as a response to the perceived overreach of traditional financial institutions.

Today’s Sponsor:

Looking for a platform full of Web3 opportunities?

This week, we have partnered with the ultimate all-in-one Web3 hunting platform TokenHunters.

Join TokenHunters’ equal “Web3 Brotherhood”

Participate in the hunt-to-earn airdrop program

Learn, discover, earn, and connect with TokenHunters.

😂 Crypto Meme of the Day: 

And that’s it for this today.

Join secret missions, unlock hidden treasures, access token-gated pages, participate in giveaways, and earn with today’s sponsor, TokenHunters.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com